Sec80C benefit for co-owner not co-borrower
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2010
One of my clients is a co-owner alongwith his wife. His wife, being a bank employee has taken a bank loan on her sole name.
Can my client get the income tax benefit under sec 80C and 24B against the repayment of the loan paid from his wife's account?
Can my client get the income tax benefit under sec 80C and 24B against the repayment of the loan paid from his wife's account?
20 June 2010
For claiming deduction u/s 24 for interest as well as getting benefit of repaymnet of loan u/s 80C, one basic condition is that loan & house should be in the name of assessee.
In your case if your client is co owner of the home but the loan is is the name of wife, then only his wife can claim the benefit of section 24 as well as 80C.....Its better to advice your client to take laon in his name also to get the dual benefits...
In your case if your client is co owner of the home but the loan is is the name of wife, then only his wife can claim the benefit of section 24 as well as 80C.....Its better to advice your client to take laon in his name also to get the dual benefits...
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Querist : Anonymous
Querist :
Anonymous
(Querist)
21 June 2010
thank you
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